Cryptocurrency Sees Impressive 35% Increase in a Single Day
The price of Hedera Hashgraph (HBAR) is experiencing a remarkable 35% increase on Monday, reaching $0.1219, following the filing for an ETF. This bullish move significantly surpassed the 25-, 50-, 100-, and 200-day exponential moving averages (EMAs), settling into a key resistance zone of $0.11. This rally generated a golden crossover between the short-term EMAs, suggesting a potential new uptrend for the cryptocurrency.
HBAR Sees Notable Increase in Value, Fueled by Institutional Interest and Market Optimism / TradingView
###Behind the Momentum: Bitcoin and Investor Interest
HBAR’s recent momentum comes on the heels of a bullish rally for Bitcoin, which reached an all-time high of $90,000 before leveling off. This context favoured a significant increase in HBAR trading volume, which grew by 33% to reach $1.23 billion. HBAR's market capitalisation now stands at $4.47 billion, reflecting growing interest and confidence from investors.
Canary Capital and the HBAR Spot ETF
The price increase coincides with Canary Capital's filing of an S-1 registration statement with the US Securities and Exchange Commission (SEC) for a Hedera spot ETF (HBAR). This proposed fund seeks to directly hold HBAR, without resorting to derivatives or futures, thus offering pure exposure to the cryptocurrency. According to the filing, the ETF aims to increase the value of HBAR as the native token of the Hedera network.
Future prospects and market optimism
The ETF application sparked considerable optimism in the market, with speculation about a possible approval under the current US administration. This development could further cement HBAR's position in the cryptocurrency market, attracting more investors interested in blockchain technology and its applications.
The future of HBAR looks promising, supported by growing institutional interest and a favorable market environment. However, as with all cryptocurrency investments, investors should proceed with caution and be prepared for inherent market volatility.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Investors should conduct their own research before making investment decisions.
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